Wall St drops as rate worries push bond yields higher

By Thomson Reuters May 29, 2024 | 8:49 AM

(Reuters) – Wall Street opened lower on Wednesday, with investors turning risk averse as concerns around the timing and scale of the Federal Reserve’s interest rate cuts pushed Treasury yields higher and pressured megacap stocks.

The Dow Jones Industrial Average fell 136.6 points, or 0.35%, at the open to 38716.28. The S&P 500 fell 27.3 points, or 0.51%, at the open to 5278.73‚Äč, while the Nasdaq Composite dropped 140.5 points, or 0.83%, to 16879.349 at the opening bell.

(Reporting by Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty)